What Can You Do to Save for a Down Payment?

Every buyer knows that they need a down payment in order to purchase a home. Today, I’ll go over five unique options you can use to save for your down payment.

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When buying a home, it’s very important that you have your down payment ready to go. Here are a few unique options to help you save for a down payment:

1. Consider crowdsourcing your home.

2. Ask the seller for help. Asking the seller to assist with closing costs is a common way to free up more money for your down payment. Ask your lender what the limits for closing costs are on your loan program, and then ask your Realtor to help negotiate for the seller to pay the closing costs on your behalf.

3. Look into government options. The department of Housing and Urban Development, or HUD, has a site with links to all 50 states. These links provide information on different options to help you get the home of your dreams. There is also the Good Neighbor Next Door program, which provides closing cost assistance for teachers, firefighters, police officers, and more. Of course, there is also the VA loan, which helps veterans purchase homes.

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